Oil prices up 1.5% as Saudi Arabia and Russia stick to supply cuts

Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to additional voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.25, or 1.47 percent, to $86.14 a barrel by 1145 GMT. U.S. West Texas Intermediate crude rose $1.29, or 1.6 percent, to $81.80.

Oil recovered after both benchmarks lost around 6 percent in the week to November 3.

Saudi Arabia has confirmed it will continue with the voluntary cut of 1 million barrels per day (bpd) in December to keep production around 9 million bpd, an energy resources ministry said.

Russia also announced that it would continue its additional voluntary cut in crude oil and petroleum products exports by 300,000 barrels per day until the end of December. The cuts could be extended into the first quarter of 2024 due to seasonally weaker oil demand at the start of each year and ongoing concerns about economic growth.